If you are a yacht owner looking to build a new home on a private island and need a private police force, Indian Creek Village is definitely worth serious consideration.

It is only 15 minutes to South Beach by car. If you love shopping for luxury clothing and jewerly, Bal Harbour Shops are 5 minutes away.

THE BEST DEALS as of August 18, 2009

22 Indian Creek Drive, listed at $10,950,000 is the best deal on the island if you prefer a wide bay view. At $136 per square feet for the land, it is priced within 20% of its market value.

34 Indian Creek Drive, listed at $8,900,000 is a good deal if you prefer to be on the east end of the island with eastern exposure (not a wide bay view). At $111 per square foot for the land, it is priced (by land square foot) $15 per sf lower than all of the closed sales in Indian Creek Village over the past four years.

It is a great time to buy. Many Indian Creek Village sellers are sitting on millions of dollars of equity they need to liquidate. Some of the homes and lots for sale have been owned by the same families for 30 years.

Although you don't find desperate sellers or foreclosures in Indian Creek Village, sellers are still motivated.